Board of Directors
The Board’s core responsibility is approving and monitoring adherence to the investment objectives, risk management, strategies, policies and philosophies of Punakaiki Fund, and to ensure Punakaiki Fund meets its statutory obligations. These are reviewed on a regular basis, with policies being added and extended as Punakaiki Fund grows.
Part of these core responsibilities include monitoring LWCM’s and Punakaiki Fund’s performance. This involves monitoring and valuing Punakaiki Fund’s investment portfolio, and ensuring that expenditure by Punakaiki Fund is made on a prudent and appropriate basis.
The Board is responsible for communications with Shareholders and other stakeholders. This includes approving the quarterly and annual reports, and conducting the annual meeting of Shareholders.
The Board also has the responsibility to consider any recommendations made by LWCM that are outside of the normal scope of transactions. These include proposed investments with related parties, investments that would result in more than 20% of Punakaiki Fund’s value placed into one company, investments outside of New Zealand, potential conflicts of interest, and all divestments.
Appointed September 2015, re-appointed September 2017
Mike is the CEO of Z Energy, one of New Zealand’s largest retail and wholesale fuel businesses and is a director of Loyalty New Zealand Limited. He previously worked for 25 years with BP in a variety of downstream roles in New Zealand, China, South Africa, the United Kingdom and Singapore.
Mike has a BBS and Postgraduate Diploma in Corporate Management; and is a member of the Institute of Directors in New Zealand.
Mike Bennetts has a less than 5% shareholding and is an independent director.
Appointed September 2015, re-appointed September 2017
John is the co-founder and CEO of Pathfinder Asset Management, which has over $150 million in funds under management. John’s previous roles were at law firms and investment banks, including as Head of Execution at Deutsche Bank Structured Capital Markets Europe.
John has a BCom/LLB (Hons) and is on the board of the Men’s Health Trust NZ. He is also a member of the government appointed Code Working Group, which is designing a new code of conduct for financial advice in New Zealand.
John Berry has a less than 5% shareholding and is an independent director
Mandy is a director and consultant with more than 20 years’ experience in financial services and technology. She has previously held senior executive roles with security company Cyber Toa, NZX Limited, technology services provider Fronde and the State Services Commission. She is currently Chief Digital Officer at Z Energy, an appointment made in 2019, well after her initial appointment as a Punakaiki Fund Director. Mandy has a MA (Hons) Law from Cambridge University and is a Member of the Institute of Directors.
Mandy Simpson has a less than 5% shareholding and is an independent director.
Appointed by the Board March 2019, standing for election at 2019 ASM
Blake is and director, investor and consultant, responsible for a range of investment activities for a Waikato based family office, including high growth and early stage investing. Blake has experience as a tax consultant with BDO, in house lawyer for Imarda and founded Sabre Developments, a residential development company applying alternative housing models to drive affordable housing solutions. Blake has an LLB and Bcom from Otago University, and MBA from Trinity College Dublin.
Entities associated with Blake Richardson have a less than 5% shareholding and Blake is an independent director.
Appointed April 2013, re-appointed September 2016 and September 2018
Lance is a principal with LWCM, the manager of Punakaiki Fund. He is the second largest shareholder of Punakaiki Fund. Please see below for more.
Punakaiki Fund appointed Lance Wiggs Capital Management Limited (“LWCM”) to be the manager of Punakaiki Fund. Principals Lance Wiggs and Chris Humphreys commenced working on what would become LWCM and Punakaiki Fund in late 2012.
LWCM is responsible and had broad powers for investment, managing investments, fund raising and certain administrative services. LWCM is responsible for adhering to the various policies, objectives and directives set by the Punakaiki Fund Board, including ensuring that the Board is kept fully informed about material matters relating to investments and Punakaiki Fund itself.
The Management Agreement is for an initial period of ten years commencing on 24 March 2014, and is expected to be extended for subsequent terms beyond the initial period, provided that the Board is reasonably satisfied with the performance of LWCM. The Board formally reviews the performance of the Manager each year.
LWCM brings considerable prior and on-going experience in high growth investing, with over 90 investment transactions approved by the internal investment committee of Chris Humphreys and Lance Wiggs.
The two Principals conduct independent investment research and have a policy of only investing where both agree. An internal investment committee has allowed Punakaiki Fund to make rapid and incisive investment decisions, often taking advantage of their superior speed for smaller investments. LWCM conducts investment research and due diligence which scales to the size of investment, with additional work for investments in companies new to the fund. The Board of Directors approves investments where asset value would exceed 20% of the funds assets, and where the investment is conflicted or out of mandate.
Lance is a Principal with LWCM, the manager of Punakaiki Fund
Lance is a director of 9 of Punakaiki Fund’s Portfolio Companies. He was formerly a director of Linewize until his resignation following its acquisition by Family Zone in late 2017, of Devoli until early 2017, when he was replaced by Chris Humphreys and of NZ Artesian Water until he resigned in October 2019.
Lance combines a wide variety of global experience with helping high-growth companies in New Zealand. Lance has helped hundreds of high growth companies through his work with LWCM, via Zealand Trade and Enterprise’s (NZTE) programmes, through Return on Science investment Committees and independently prior to the formation of LWCM.
Lance was the investment-banking advisor for Trade Me on its sale to Fairfax Media, with McKinsey & Company in Washington DC, contracted to the European Bank for Reconstruction and Development in London and consulted to BHP Billiton plants in South Africa, Australia and Mozambique. Lance was also an elected Councillor for InternetNZ, where he was a member of the Audit Committee.
Lance has an MBA from Yale University (Strategy, Finance) and a Bachelor of Technology (Hons, Product Development) from Massey University. He has been a regular judge for the Hi-Tech Awards and other events.
Chris is a Principal with LWCM, the manager of Punakaiki Fund
Chris brings significant corporate finance experience and rigour to the team, leading the valuation, due diligence and formal processes such as contract review for a large share of the investment placements made by Punakaiki Fund. Chris performs investment investigations independently from Lance, and investments are only made when both agree to the investment and terms. Chris is a director of two of Punakaiki Fund’s Portfolio Companies.
Chris formerly performed financial modelling, due diligence, deal structuring and deal advisory work for clients while at PwC, where he was an Associate Director.
Chris holds a BSc and PGDipCom (Finance) from the University of Otago and a BCom (Accounting, Finance and Information Systems) from the University of Canterbury. Chris is a CFA charterholder.
Lance and Chris met at Pacific Fibre, a company, where Lance was a co-founder, set up to build a US$300 million fibre optic cable between Australia, New Zealand and the United States. Following Pacific Fibre ceasing operations, Lance approached Chris about forming LWCM, with the intention of establishing a new growth orientated investment company.
Chris is based in Te Anau, travelling regularly to Auckland.
Bridget Winstone-Kight joined LWCM in April 2018 as Investment Manager.
Bridget has an LLB and a BSc from the University of Canterbury, an MBA from London Business School, a Diploma in Public Speaking, and is a qualified (non-practising) lawyer in both New Zealand and the United Kingdom. Bridget’s professional career began in law at Russell McVeagh, moving into private equity in London where she assisted with the management of a £1 billion portfolio for an investment office of an ultra high net-worth individual, invested in the technology and retail spaces, and held non-executive board positions, including for a United Kingdom sport’s National Governing Body.
Before her career in London, Bridget played hockey for the New Zealand Women’s Hockey team, the Blacksticks. Bridget is on maternity leave for much of 2019.
Olo is responsible for Investor Relations for Punakaiki Fund
Olo is a chartered accountant with 7 years of experience with PWC, and 15 years experience in private equity, including venture capital. Olo has a BCom from Auckland University and was an All Black from 1990 to 1998.
Yvonne (Yawen) Gao joined LWCM in October 2019.
Yvonne has a BCom and PGDip in Finance from the University of Otago. Prior to LWCM, Yvonne worked in Fintech industry, most recently with a licensed New Zealand peer-to-peer lender where she was involved with compliance and new funding and product opportunities including managing a securitisation project and liaising with New Zealand banks and overseas institutional investors. She is currently studying towards her CFA level 2 exams.
Anum is currently pursuing her Ph.D. in Finance from Massey University and has already completed her B.Sc. (Accounting and Finance) from the University of London and an MBA (Finance and Investments) from NUST Business School. She also passed her CFA Level I and was a participant of the CFA Research Challenge 2013.
Anum also possesses wide industry experience. She was previously working with SP Global Market Intelligence as an Analyst and as an Investment Associate with Saif Group. Within these roles, she was responsible for researching, evaluating new investment opportunities and developing financial models for new projects.